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2 pages/≈550 words
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2 Sources
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APA
Subject:
Business & Marketing
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Essay
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English (U.S.)
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Topic:

Foundations of a Compensation Strategy (Essay Sample)

Instructions:
Foundations of a Compensation Strategy The most effective compensation strategy is one that develops a clear link between the following components: - Job Description (i.e., work that an employee is expected to perform). - Performance Evaluation (i.e., work that the employee has performed). - External Salary Survey and Internal Salary Comparison (i.e., pay provided to each employee). Examine the interrelationship between these three components by describing the purpose of each component and how it affects the others. Then explain how all three components would be used to determine the compensation for an employee. Your examination should include a salary evaluation for a Human Resource Manager. The salary evaluation should give results for each of the three components and detail how pay is finally determined for this position based on the three components. Example of the salary evaluation portion of your analysis: Purchasing Manager. Primary functions from the Job Description: To plan, direct, and coordinate the activities of buyers, purchasing officers, and related workers involved in purchasing materials, products and services. Organizational performance evaluation system: - Outstanding – 6% Increase - Exceeds expectations – 4% Increase - Meets expectations – 2% Increase - Does not meet expectations – No Increase External Salary Survey: (salary survey, which you can typically obtain online) Monthly salary range at $4,300 - $5,200. Internal Salary Comparison: (the relationship of this position to similar positions in your organization) Position is similar to Accounting Manager, and should be paid within the same monthly salary range of $4,400 - $4,900. Submit your analysis in a two page paper formatted to proper APA 6th Edition specifications. Include a minimum of two scholarly references to support your analysis. source..
Content:

[Title]
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Performance Evaluation
A performance appraisal is also known as performance evaluation; it is a method that is usedby organizations to measure the performance of their employees and make sure that they are performing up to the requirements of the organization. Career development of an employee is a very important aspect of the organization. Performance evaluation plays a crucial role in the career development of an employee and facilitates it. There are many methods of performance evaluation. The most used method in today’s organization is 360 degrees feedback. All aspects of employment are considered as a part of performance evaluation, which includes behavior and work performance as an individual and as a team member as well.
Salary upgrades and promotion are all dependent upon the kind of performance evaluation that the employee has had. It is usually the responsibility of the manager to create performance appraisal of his sub ordinates. The manager matches the achieved targets with the goals that had been assigned to that particular employee (Mathis, 2003).
JOB DESCRIPTION
Job description describes what an employee hired at a particular post is supposed to do. It is a list of tasks, assignments and responsibilities that a person is supposed to perform. Sometimes the job descriptions that are handed over to new employees maybe in the narrative form but now since the trend to employee strategic human resource has increased the job descriptions are in bullet points form.
EXTER...
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